ADB forecasts China, India to power strong growth in ’23

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — The Asian Development Bank says China’s recovery from the pandemic and strong demand in India will drive strong economic growth in Asia this year. The ADB’s latest update forecasts an expansion of 4.8% in this year and the next, up from 4.2% in 2022. It said inflation would likely cool slightly this year and fall further in 2024. The report released Tuesday anticipated that Brent crude oil, the pricing basis for international trading, would average $88 a barrel this year and $90 a barrel next year. ADB economists said a decision by oil producing nations to cut output, pushing oil prices sharply higher, might reignite inflationary pressures and add to challenges for the region.